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article imageLate on your phone, cable payment? There's BillFloat for that

By Andrew Moran     Apr 23, 2013 in Business
San Francisco - Were you late on that mobile phone payment and want to avoid the extra charges? Don't have money this month to pay for your cable and Internet? BillFloat is the latest website that pays for your bill to more than 2,500 billers across the United States.
In this sluggish economy, many households face difficulties keeping up with their bills. Sometimes individuals may have an emergency, a family didn’t budget the month out correctly or a company failed to pay their workers accurately. It’s not something to be embarrassed about because life happens.
A recent survey found that consumers have different kinds of financial priorities. For instance, the study discovered that more than one-third (37 percent) of consumers would turn off the television for a month in exchange for their bills being paid on time. Twenty-five percent say they would give up their gadgets and mobile devices for one month to get their bills paid on time.
Sometimes, companies, financial institutions and other entities may not understand an issue and could charge its customers late penalties, overdraft charges, service termination and other costs for missing a monthly payment. In the end, these charges could add up to significant sums of money. What does one do? Perhaps BillFloat could come to the rescue.
BillFloat is a startup backed by PayPal and Venrock that functions as a service that pays your bills and you pay them back later. It’s a very simple process and can be done in the comfort of your home: list the biller’s name and your account number, BillFloat pays the specified amount to the company and you pay BillFloat back 30 days later.
Its list of 2,500 wireless, utilities, cable, insurance, phone and automobile billers consist of Sprint, Time Warner Cable, AT&T, GEICO, State Farm Insurance, Allstate Insurance, Wells Fargo and hundreds of more. Finance charges, bill payment process fees and late fees range from state to state.
Sounds easy? Ryan Gilbert and Sean O’Malley, the co-founders, designed the company that way. Due to the private firm’s simplicity, innovation and success, it has garnered serious investments from angel investors in the last three years, including SoftTech VC, SV Angel and Mint.com board member Mark Goines.
It was announced in January that the San Francisco, California-based company raised $21 million in new investment funding to advance the development of its consumer credit delivery platform. Investors have been intrigued by its secure More-Time-to-Pay (MTP) service that offers real-time payment flexibility to consumers who need more time to pay for a purchase or a service. The MTP platform provides consumer financing solutions online, in-store and through mobile devices.
“We are revolutionizing credit delivery with our innovative More-Time-to-Pay platform and our growing network of banking, retail and service provider partners,” said Gilbert in a media release. “BillFloat will change the way consumers buy products and services, and it will usher in a wave of new opportunities for our partners.”
Only one bill can be floated at any given time ranging from a minimum of $40 to as high as $200. As soon as the first bill is paid then customers can apply to have another bill paid in full. BillFloat does not accept credit cards payments as a form of repayments.
Don’t have the entire amount to pay for your mortgage? Float the bill.
More about billfloat, bill payment, billers, late payments, ryan gilbert
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